Presentation of consolidated results as at 31 December 2013

Presentation of consolidated results as at 31 December 2013
Carlo Cimbri - CEO
Bologna, 20 March 2014
•
The Fondiaria-SAI operation
•
Consolidated results
•
Insurance business
Agenda
•
Non-Life insurance business
•
Life insurance business
•
Banking business
•
Real Estate and other activities
•
Investment management
•
Capital and Solvency
•
Parent company results and dividends
NOTE: The UnipolSai data included in the presentation are consolidated pro-forma and management figures and they relate to the group basis of
consolidation after the merger.
Unipol Gruppo Finanziario 2012 consolidated economic data include the UnipolSai Group basis of consolidation after the merger for the whole financial
year.
Data pertaining to Unipol Gruppo Finanziario are to be considered as consolidated where not otherwise specified.
THE FONDIARIA-SAI OPERATION
A time-consistent project…
 Bailout of the Fondiaria-SAI Group by way of capital increases and the…
First industrial project
unchanged during the 24
months of the authorisation
process
 …merger of Unipol Assicurazioni, Fondiaria-SAI, Milano Assicurazioni and Premafin
in a sole company, in order to set up UnipolSai, first Non-Life insurance company in
Italy, by developing a…
 …plan based on industrial synergies and capital soundness, with a perspective to
create value and…
 …to manage the ex Fondiaria-SAI’s shareholdings according to financial principles
and risk management
…in a difficult market scenario…
Country risk
 Spread of Italian Government Bonds vs Bund at over 500 bps (January 2012)
 Reiterated Downgrade Ratings on the Italian Republic
Downturn in equity market
 Stock Indexes experiencing severe downturn (FTSE Mib 2011 -25%, Eurostoxx 50
-18.4%)
3
THE FONDIARIA-SAI OPERATION (continued)
…in a complex regulatory framework…
Several authorisation steps
accomplished…
…by meeting extremely rigid
requirements
 12 authorisations obtained from the Supervisory Authority
 Over 1,500 pages of information documents and prospectuses published
 Disposal of Non-Life premiums for €1.1bn fixed with Allianz in order to bring the
market shares under the threshold of 30% in every single line of business and
province
 Full sale of Generali and Mediobanca stakes
…fully backed with equity…
Capital increases on the
market
 €1.7bn (Unipol + Fondiaria-SAI), almost doubling the total amount of capital
increases carried out subsequently by the Italian listed companies on the whole
UnipolSai capital
strengthening
 €1.7 bn UnipolSai capital strengthening
 €550m Unipol Gruppo Finanziario’s direct investments in the Fondiaria-SAI
Group
 €600m Unipol Assicurazioni’s capital increase before the merger in UnipolSai
 €550m funds collected on the market
4
THE FONDIARIA-SAI OPERATION (continued)
…being at an advanced stage of implementation…
 From 3 listed companies (Fondiaria-SAI, Milano Assicurazioni, Premafin) to 1
(UnipolSai)
UnipolSai merger completed
 From 6 categories of shares (Fondiaria-Sai Ord, Sav A and Sav B, Milano Ord and
Sav and Premafin) to 3 (UnipolSai Ord, UnipolSai Sav A, UnipolSai Sav B)
 Agreement defined with the trade unions on staff reduction involving about 900
employees, thanks to the extraordinary section of the Solidarity Fund for the sector
Rationalization actions already
undertaken
 Sale of business unit with 500 employees to Allianz
 Rationalization of the group companies being carried out
 Application of the Unipol Group’s governance system and consolidated policy to the
new company UnipolSai
…which is already giving results
a
UnipolSai profit before tax
€1.2bn
UnipolSai Combined Ratio
93.3% (104.8% at 2011 year-end)
UnipolSai Solvency I
1.5x (0.8x Fondiaria-Sai at 2011 year-end)
Stock Exchange
performance from
1 January 2013
+247% Unipol Ord, +255% Unipol Pref
+164% UnipolSai Orda, +207% UnipolSai Sav Aa, +256% UnipolSai Sav Ba
figures relating to Fondiaria-SAI up to 6 January 2014
5
•
The Fondiaria-SAI operation
•
Consolidated results
•
Insurance business
Agenda
•
Non-Life insurance business
•
Life insurance business
•
Banking business
•
Real Estate and other activities
•
Investment management
•
Capital and Solvency
•
Parent company results and dividends
2013 RESULTS BY BUSINESS SECTOR
€m
UNIPOLSAI
(figures in €m before tax)
1,172
694
 integration costs
 IRES additional tax
772
-204
-56
514
444
369
-45
-49
NON-LIFE
LIFE
Insurance sector
pre-tax 1,376
-66
-256
 UGF provisions on Unipol Banca
loans
-200
 Unipol Banca: provisions on loans
-306
 Unipol Banca: goodwill
cancellation and writedown of
other financial assets
-176
-74
OTHER
BUSINESSES
RE
Total
TOTAL
UNIPOL GRUPPO FINANZIARIO
865
494
520
512
363
188
-296
-45
-49
-382
-424
-328
 IRES additional tax
Total
NON-LIFE
LIFE
BANK
pre-tax consolidated result
RE
HOLDING and
OTHER
BUSINESSES
-73
-755
TOTAL
consolidated net result
7
UNIPOLSAI: 2013 NET RESULTS OF THE COMPANIES INVOLVED IN THE MERGER
€m
Parent company results
1,013
531
334 (a)
164 (a)
-15
Unipol
Assicurazioni
(a) capital
Fondiaria-SAI
Milano
Assicurazioni
Premafin
Total
gain on Bank of Italy’s stakes: €88m on Fondiaria-SAI and €44m on Milano Assicurazioni (after tax), pursuant to IVASS requirement
8
•
The Fondiaria-SAI operation
•
Consolidated results
•
Insurance business
Agenda
•
Non-Life insurance business
•
Life insurance business
•
Banking business
•
Real Estate and other activities
•
Investment management
•
Capital and Solvency
•
Parent company results and dividends
DIRECT INSURANCE INCOME
€bn
€1.1bn
Non-Life premiums
being ceded
FY12
FY13
16.8
15.7
16.8
15.4
-1.9%
6.2
5.6
10.1
7.0
6.1
10.6
1.1
9.3
-0.1%
+13.1%
+9.1%
-8.1%
1.4
+25.7%
9.8
-7.7%
+53.3%
0.6
0.5
UnipolSai
Other
companies
0.9
0.5
Total Unipol
Gruppo Finanziario
Life premiums
UnipolSai
Other
companies
-1.1%
Total Unipol
Gruppo Finanziario
Non-Life premiums
10
•
The Fondiaria-SAI operation
•
Consolidated results
•
Insurance business
Agenda
•
Non-Life insurance business
•
Life insurance business
•
Banking business
•
Real Estate and other activities
•
Investment management
•
Capital and Solvency
•
Parent company results and dividends
NON-LIFE DIRECT PREMIUM INCOME – UNIPOL GRUPPO FINANZIARIO
€m
10,641
3,910
9,821
-7.7%
3,835
-1.9%
13.5%
MV
Accident & Health
12.3%
Property
-11.1%
6,731
60.9%
5,986
8.0%
5.3%
FY12
FY13
Non-MV
General TPL
Other
MV
UnipolSai
Other companies Unipol Gruppo Finanziario
FY13
FY13
Unipol Ass.ni
Fondiaria-SAI
2,090
1,378
3,468
-5.1%
3,134
-9.6%
2,199
-10.4%
Liguria
172
-15.9%
Other
companies
284
-1.9%
Milano Ass.ni
1,986
1,147
1,470 729
Linear
-8.1%
MV
190
16
206
-6.3%
Unisalute
248
248
+6.6%
Arca
50 61
110
-5.5%
-0.9%
Non MV
12
NON-LIFE – COMBINED RATIO
Unipol Gruppo Finanziario
Combined ratioa
101.1%
15.7%
Expense ratio
UnipolSai
7.4%
101.9%
16.4%
23.1%
92.9%
16.3%
23.5%
7.2%
17.1%
24.7%
8.3%
Loss ratiob
77.9%
78.3%
FY13
commissions/premiums
a
direct business
OTI/premiums
b including
25.2%
8.1%
68.2%
FY12
93.3%
68.2%
FY12
other operating expenses/premiums
FY13
Loss Ratio
13
NON-LIFE – MAIN COMPANIES’ COMBINED RATIO
Unipol Assicurazioni S.p.A.
commissions
other oper. expenses
Fondiaria-SAI S.p.A.
commissions
other oper. expenses
19.0%
7.8%
FY13
3.3%
-2.0%a
26.9%
88.7%
current
S/P
Δ prev.
years
Expense
Ratio
Combined
Ratio
commissions
other oper. expenses
current
S/P
4.1%
65.3%
current
S/P
a
Δ prev.
years
Expense
Ratio
Δ prev.
years
Combined
Ratio
Expense
Ratio
Combined
Ratio
current
S/P
96.0%
Δ prev.
years
15.4%
7.3%
Expense
Ratio
14.1%
current
S/P
15.3%
6.2%
21.5%
103.4%
102.0%
70.4%
Combined
Ratio
commissions
other oper. expenses
22.7%
15.8%
7.3%
23.1%
66.9%
8.8%
94.1%
5.9%
commissions
other oper. expenses
24.7%
commissions
other oper. expenses
95.3%
18.1%
6.6%
FY12
15.9%
7.9%
23.9%
68.2%
63.8%
Milano Assicurazioni S.p.A.
67.8%
Δ prev.
years
Expense
Ratio
Combined
Ratio
current
S/P
Δ prev.
years
Expense
Ratio
Combined
Ratio
relating to Non-MV classes
14
NON-LIFE – 2013 MV TPL TECHNICAL INDICATORS
Unipol Assicurazioni
S.p.A.
Fondiaria-SAI
S.p.A.
Milano Assicurazioni
S.p.A.
var. vs FY12
var. vs FY12
var. vs FY12
Total portfolio
-3.4%
-6.7%
-5.6%
o/w:
Retail
Fleets
-2.9%
-11.5%
-6.5%
-8.4%
-5.7%
-0.3%
-4.6%
-5.9%
-5.9%
-7.6%
-15.8%
-14.4%
-0.2 p.p.
-0.5 p.p.
-0.6 p.p.
Portfolio average
premium
No. of claims reported
(followed up passive claims)
Frequency
Management figures
15
•
The Fondiaria-SAI operation
•
Consolidated results
•
Insurance business
Agenda
•
Non-Life insurance business
•
Life insurance business
•
Banking business
•
Real Estate and other activities
•
Investment management
•
Capital and Solvency
•
Parent company results and dividends
LIFE DIRECT INCOME – UNIPOL GRUPPO FINANZIARIO
€m
Traditional
4,456 (+27.6%)
+13.1%
Index/Unit linked
1,182 (-5.3%)
63.8%
16.9%
6,983
6,176
12.9%
FY12
6.4%
FY13
Capitalization
898 (+70.1%)
Pension funds
446 (-50.7%)
Other companies Unipol Gruppo Finanziario
UnipolSai
Unipol Ass.ni
2,179
Fondiaria-SAI
Milano Ass.ni
PopVita +
LawLife
Other
companies
874
+5.8%
385
+4.8%
2,534
166
+10.6%
+9.1%
Arca Vita
845
+53.4%
+8.7%
+27.2%
17
LIFE – NET INFLOWS
€m
FY12
FY13
-3,743
+5,624
+6,137
-6,553
-2,394
UnipolSai
-209
-209
-3,928
-2,783
-216
PREMIUMS
REDEMPTIONS
MATURITIES/
ANNUITIES
CLAIMS
NET
INFLOWS
PREMIUMS
REDEMPTIONS
MATURITIES/
ANNUITIES
CLAIMS
NET
INFLOWS
-4,046
+6,983
+6,176
-6,933
Unipol
Gruppo
Finanziario
-2,470
-281
+186
-4,030
-3,006
-267
PREMIUMS
Management figures
REDEMPTIONS
MATURITIES/
ANNUITIES
CLAIMS
NET
INFLOWS
PREMIUMS
REDEMPTIONS
MATURITIES/
ANNUITIES
CLAIMS
NET
INFLOWS
18
•
The Fondiaria-SAI operation
•
Consolidated results
•
Insurance business
Agenda
•
Non-Life insurance business
•
Life insurance business
•
Banking business
•
Real Estate and other activities
•
Investment management
•
Capital and Solvency
•
Parent company results and dividends
BANKING SECTOR
€m
Direct deposits
third parties
Unipol Group
Indicators
securitisation
10,663
10,256
289
445
1.898
1.337
8.476
-3.8%
+54.0%
a
8.474
Unipol Group lending indicators
FY12
FY13
Δ
Net impaired loans
2,016
2,119
+104
net impaired loans/loans
18.7%
21.0%
+2.3 p.p.
% bad loans coverage ratio
39%
50%
+11 p.p.
% impaired loans coverage ratio
26%
37%
+11 p.p.
7%
12%
+5 p.p.
Capital indicators – banking sector
FY12
FY13
Tier 1 ratio
(= Core Tier 1 ratio)
Total capital ratio
8.7%
7.7%
14.3%
13.4%
Economic indicators – banking sector FY12
FY13
Gross operating income
411
365
Net interest income
248
251
71.3%
79.1%
-21
-296
-29.5%
-0.0%
% total loans coverage ratio
FY12
FY13
Lendingb
customer
10,756
3.284
securitised
10,071
-6.4%
2.863
-12.8%
Cost/Income ratio
7.472
7.208
FY12
FY13
-3.5%
Aggregate management figures including Unipol Banca Group and Banca Sai Group
a net of the amount relating to Unipol Assicurazioni’s capital increase
b net of provisions at UGF S.p.A. level
Net result
526
FY13 provisions on loans (522 bps)
 goodwill cancellation and writedown of other financial assets 176
20
•
The Fondiaria-SAI operation
•
Consolidated results
•
Insurance business
Agenda
•
Non-Life insurance business
•
Life insurance business
•
Banking business
•
Real Estate and other activities
•
Investment management
•
Capital and Solvency
•
Parent company results and dividends
REAL ESTATE – UNIPOL GRUPPO FINANZIARIO
Total portfolio €4.8bn
Breakdown by geographic area
Develop. and Land 9%
Foreign countries 1%
South and Isles
3%
Breakdown by cluster
North 73%
Core 33%
Value Added 13%
Centre 23%
Trading 15%
Core-Instrumental 30%
Breakdown by sector
Breakdown by type
Other 20%
RE and other
sectors
45%
Commercial 2%
Health centres 3%
Offices 42%
Land 10%
Non-Life 49%
Tourism 11%
Life 6%
Residential 12%
Management figures
22
REAL ESTATE EVOLUTION – UNIPOL GRUPPO FINANZIARIO
€m
4,896.2
+73.8
+4.3
-23.0
4,750.2
-74.9
32%
-99.5
-26.6
23%
20%
17%
8%
FY12
Core
Investments
Trading
Purchase
Develop. and Land
Sales
Core-Instrum.
Depreciation
Writedown
Other a
FY13
Value Added
Management figures
a
The total amount includes exchange variation and movement in Associated RE Funds
23
OTHER ACTIVITIES – MAIN COMPANIES’ NET RESULTS
€m
Sai Agricola
Clinics
Atahotels
Marina
di Loano
0
-13
-16
-10
-15
-23
-18
-36
FY12
FY13
Local GAAP-compliant results
24
•
The Fondiaria-SAI operation
•
Consolidated results
•
Insurance business
Agenda
•
Non-Life insurance business
•
Life insurance business
•
Banking business
•
Real Estate and other activities
•
Investment management
•
Capital and Solvency
•
Parent company results and dividends
2013 FINANCIAL INVESTMENTS
€bn
Unipol Gruppo Finanziario
Bond portfolio €43.9bn
Total investments €48.1bn - Breakdown by asset
equity
1.1 (2.3%)
cash
2.3 (4.8%)
Corporate
4.6%
Government
other Countries
5.1%
funds and other
0.8 (1.6%)
Financials
13.6%
bonds
43.9 (91.4%)
Government
Italy 76.8%
Government
81.8%
UnipolSai
Bond portofolio €39.7bn
Total investments €43.2bn - Breakdown by asset
equity
1.0 (2.3%)
cash
1.9 (4.3%)
funds and other
0.7 (1.5%)
Government
other Countries
5.4%
Corporate
5.0%
Financials
13.0%
bonds
39.7 (91.8%)
Government
Italy 76.6%
Government
82.0%
26
Management figures
2013 INCOME FROM FINANCIAL INVESTMENTS
€m
UnipolSai
Unipol Gruppo Finanziario
4.65%
3.85%
3.92%
0.73%
TOTAL
4.75%
0.75%
2,109
1,746
329
0.07%
302
34
coupons
and
dividends
1,905
1,575
gains
fair value
through P&L
total
income
3.91%
3.29%
coupons
and
dividends
gains
0.07%
28
fair value
through P&L
total
income
3.90%
3.32%
NON-LIFE
482
0.62%
91
coupons
and
dividends
gains
573
454
0.00% 0.4
fair value
through P&L
0.58%
79
total
income
coupons
and
dividends
gains
534
0.00% 0.4
fair value
through P&L
5.12%
4.22%
5.18%
4.24%
0.79%
LIFE
1,523
1,256
236
0.84%
gains
0.10%
222
fair value
through P&L
1,371
1,121
31
coupons
and
dividends
total
income
0.11%
28
total
income
coupons
and
dividends
gains
Income from insurance companies managed by Unipol Group, excluding Class D, DDOR and Lawrence Life. Management figures.
fair value
through P&L
total
income
27
AFS RESERVE
€m
Unipol Gruppo Finanziario
UnipolSai
~ €880m
as at 17 March 2014
~ €930m
as at 17 March 2014
543
522
344
301
225
243
252
458
490
181
101
49
44
FY12
1H13
32
9M13
bonds
Total AFS reserve (Group+third parties). Break-up based on in-house estimate
.
FY13
85
FY13
equity
28
•
The Fondiaria-SAI operation
•
Consolidated results
•
Insurance business
Agenda
•
Non-Life insurance business
•
Life insurance business
•
Banking business
•
Real Estate and other activities
•
Investment management
•
Capital and Solvency
•
Parent company results and dividends
2013 SOLVENCY
€bn
UnipolSai
Unipol Gruppo Finanziario
Solvency Ia
Solvency Ia
7.1
4.3
3.6
1.6x
1.5x
5.6
2.0
2.7
Solvency IIb
1.8x
available capital
a
b
solvency requirements
excess capital
IVASS Regulation no.43 not applied
Solvency ratio calculated using the internal model and partly the standard formula, according to the technical requirements of QIS5.
30
•
The Fondiaria-SAI operation
•
Consolidated results
•
Insurance business
Agenda
•
Non-Life insurance business
•
Life insurance business
•
Banking business
•
Real Estate and other activities
•
Investment management
•
Capital and Solvency
•
Parent company results and dividends
UGF S.p.A. – PROPOSED DIVIDENDS
Parent company profit and payout
Total dividends
€m
€m
ord.
pref.
UGF S.p.A. profit
146
120
Proposed total dividends
120
71
Payout
82.3%
49
Ordinary shares
No. of shares
Dividend per share (euro)
Price per share (euro)
a calculated
b calculated
Preference shares
443,993,991
0.1615
5.29
No. of shares
Dividend per share (euro)
Price per share (euro)
273,479,517
0.1815
4.76
Dividend yielda
3.1%
Dividend yielda
3.8%
2013 dividend yieldb
5.7%
2013 dividend yieldb
7.5%
on the closing price as at 19 March 2014
on the 2013 average price
32
UNIPOLSAI S.p.A. – PROPOSED DIVIDENDS
Parent company profit and payout
Ordinary shares
€m
Parent company profits
1,028
Fondiaria-Sai + Milano Assicurazioni +
Unipol Assicurazioni
Proposed total dividends
Payout
No. of shares entitled to dividend
distribution
Dividend per share
2,250,181,132
0.19559
Price per share
2.49
Dividend yielda
7.9%
550
53.5%
2013 dividend yieldb
Savings A shares
12.5%
Savings B shares
No. of shares
1,276,836
No. of shares
Dividend per sharec
19.64133
Dividend per sharec
377,193,155
0.22497
Price per share
240.0
Price per share
2.42
Dividend yielda
8.2%
Dividend yielda
9.3%
2013 dividend yieldb
16.3%
2013 Dividend yieldb
17.6%
a calculated
on the closing price as at 19 March 2014
on the 2013 average price
c including the amount accrued pursuant to Art. 27 of the Company’s By-Laws (€13 for the Sav. A shares for the 2011 and 2012 FY and €0.03673 for the Sav. B shares for
the 2012 FY only)
b calculated
33
DISCLAIMER
Maurizio Castellina, Senior Executive responsible for drawing up the corporate accounts of Unipol
Gruppo Finanziario S.p.A. and UnipolSai Assicurazioni S.p.A., the Company resulting from the
merger into Fondiaria-SAI S.p.A. of Milano Assicurazioni S.p.A. and Premafin HP S.p.A., as well as
of Unipol Assicurazioni S.p.A., declares, in accordance with Article 154-bis, para 2, of the
Consolidated Finance Act, that the accounting information reported in this presentation correspond
to the figures in the documents, books and accounting records.
34
INVESTOR RELATIONS CONTACTS
Adriano Donati
Tel +39 051 507 7063
Giancarlo Lana
Tel +39 011 66 57 642
Eleonora Roncuzzi
Tel +39 051 507 7063
Laura Marrone
Tel +39 051 507 2183
Giuseppe Giuliani
Tel +39 051 507 7218
Silvia Tonioli
Tel +39 051 507 2371
IRO
[email protected]
[email protected]
35

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